MKTG 3213 Lecture Notes - Lecture 1: New York Post

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19 Aug 2016
Marketing Notes
Wednesday August 17
1. What makes the economic world go around?
Seller  Buyer  Seller (Exchange)
Bottom Line: profit = total revenue – total cost
Increase revenue to increase bottom line
Everyone’s job is dependent upon exchange
2. Page 4: Marketing and your career
Marketing affects all individuals, all organizations, all industries, and
all countries
3. Marketing: the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.
4. Don’t ask “will it sell” ask “will my product satisfy the customers” SATISFY
5. Page Six: What is needed for marketing to occur?
Two or more parties with unsatisfied needs
A desire and ability on their part to have their needs satisfied
A way for the parties to communicate
Something to exchange
Friday August 19
1. How people view themselves is how they go about themselves
Same goes with organizations
2. Five Different Ways Companies View Themselves: how they go about doing
Production Concept: emphasize producing things at low cost.
oProduction efficiency
oIt tends to work is when demand > supply
o“You can have any color of car you want, as long as it’s black” –
Henry Ford
Product Concept: consumers favor products offering the most quality,
performance, and innovation
oProducts tend to fail because customer is not satisfied
Selling Concept: consumers will not buy enough of the companies
product if you leave them alone
oPromote the product
oWhen supply > demand
oSelling is NOT equal to marketing
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